USDZAR (SHORT)
Neckline of inverse head and shoulder
(predicting weakness of Dollar and the index also shows weakness.)
ZARUSD trade ideas
USDZAR-SELL strategy 4 HourlyThe pair has formed a likely "false bull flag" pattern, and usually this means a move lower after a solid break of the base of the flag. The support is 19.1600 area, and the top is 19.3650 estimated.
The potential is a move back towards 18.7500 cloud support.
Strategy SELL @ 19.2250-19.3150 and place stop-loss above the flag resistance currently 19.3750 suggested level. Profit @ 18.7850.
South African rand in trouble - Next target R21 :(Inv H&S has formed on the USD/ZAR since 6 June 2023.
The price has recently broken above the neckine, showing the US dollar is poised for upside.
The DIXIE (US Dollar Index) is also showing upside to come.
7>21>200 and confirms the US dollar is going up.
RSI>50 - Bullish
First target is R21.00
ABOUT THE DIXIE:
HOW IT’S CALCULATED
The USDX is calculated by the Federal Reserve Bank of New York and is based on the exchange rates of six major currencies: the euro (EUR) – Accounts for 57.6% - ,Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona ( SEK ), and Swiss franc (CHF) .
USDZAR 4H ForecastWe're in a bullish sequence on USDZAR, we're in a wave 3 phase which will unfold as an impulse wave. USDZAR will most likely trade bullish based on inverse correlation where XXXUSD trades on the bearish side. We can expect a minor pullback which may result in a significant buy very soon.
$USDZAR ZAR looks fragilePossible inverted head and shoulders building on the ZARUSD
Neckline is at 19,35
If that breaks 21,17 becomes a target
These head and shoulders formations usually takes a while play play out
Patience required
USDZAR-SELL Strategy 4 Hourly chartThe pair has moved according to expectation, and now it feels we may stall little bit. I will still be a little careful since GOLD has weakened and may weaken further more.
Strategy is SELL @ 19.2250-19.30 and place stop-loss above 19.3975 (financial stop) for now. Profit order near 18.8350.
$USDZAR - Possible Inverse Head & ShouldersIt seems the Daily chart of FX:USDZAR is very close to reaching the neckline to complete the right shoulder of what could then turn out an Inverse Head & Shoulders pattern. This is not the pattern with the highest reliability in my view, but by the looks of it now I will not discard this possibility right away. It also seems that the MACD has now turned up and is breaking through its trigger line with a first very small green histogram visible. Despite an article I published on 12 June 2023 where I see a target decidedly lower, in other words a stronger Rand (ZAR), but that being from a longer term chart, it seems that if this pattern continues to play out, we might see the ZAR as weak as ±R20-80 to the USD in the foreseeable future.
USD/ZAR: Bullish Breakout Ahead?USD/ZAR: Bullish Breakout Ahead?
1. Price Formation: The price has not yet broken out from an inverted H&S price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is above the 21-day MA, which is a positive sign indicating short-term bullish momentum.
3. 200-day Moving Average is below the Price.
4. Thus, Mas 7>21>200
5. Relative Strength Index (RSI): The RSI is > than 50, indicating bullish momentum and potential further upward movement.
6. Price Target: 21
USDZAR- NEUTRAL BUY daily chartThe pair is holding up well, and perhaps its building in GOLD correction in the future.
The cloud support is above 18.6700 and sgtrong GANN support 18.11 and resistance 19.1100.
The RSI is positive as well.
Strategy BUY @ 18.7200-18.7500 range and take profit near GANN resistance 19.1100. Stop-loss below 18.3700.
USDZAR-SELL strategy Daily chartThe pair has been resilient, and keeping the support above 18.4000 area.
Based on current hammer top, and GOLD level remaining high, the consideration for SELL is far outweighing a buy strategy.
For now, SELL @ 18.8000-18.9500 and place stop-loss above 19.0250 and re-SELL below 19.2700. the profit order @ 18.4350 and thereafter 18.02450.
USDZARUSDZAR
ZAR is bearish VS USD (now DXY bearish on 4h time frame)
I will long USDZAR it will go up slowly and once DXY become bulish again I think USDZAR will reach ($19 - $19.8)
Entry Zone: 18.69 - 18.67
SL: 18.64 (4H close)
TP1 18.70
TP2 18.88
TP3 19.15
TP4 19.88
NFA
USDZAR - AnalysisThe USDZAR is in a range between 18.40-18.90 and building energy for the next leg.
Currently there is an inverted head and shoulders pattern developing which could become a possibility if the major 18.90 level breaks, then the neckline tests.
I still have a target of R18.20 & 200dma open for test and favour that direction for now.
usdzarA continuous bullish order flow is still in play. I will be continuing respecting to respect the uptrend movement and buy all the way.
Happy trading.
USDZAR-ABCD PatternIn this Chart (USDZAR) we play if we see Bullish divergence at Point D (PRZ) then we make a Buy Order. Both trade play with SL and TP.
USDZARIs showing signs of bullish market structure , so this week we will e looking buying oppurtunities
ZAR trendIt will be interesting to see if the "new" trend will be maintained with the USDZAR possibly finding support around the 18.35 mark. Looking at the momentum indicators, we can see the dollar weakness very evident with the pair starting to hit over-sold levels. This suggests we can look at entering a long trade on the pair on that trend line in the coming days... One to keep an eye on
USDZAR-NEUTRAL The pair is trying to push lower on steady GOLD. My viewpoint earlier was we will likely move higher in time, but this is now diminishing. We have a neckline support 18.4000 area, which represents a not perfected looking S/H/S top, and if broken we may see south 17.9700.
Right now prefer NEUTRAL mode and monitor till more clear picture.
USDZAR USDZAR possible move, TP1 and TP2 given, follow me for more educative content, I do account management and also signals, Thankyou
USDZAR-NEUTRAL BUY Daily chartI am not super convinced of the lower level reached, as I felt 18.7200 area to be a good buying entry. We have moved further south, but stochastic looks turning positive, and the pressure still there for upside.
I remain NEUTRAL to being inclined to BUY between 18.5700-18.8500 wider than usual. Stop-loss below 18.4750 (financial). Profit order @ 18.9800 - 19.2700. The 18.9800 we require to monitor, as we may stall. For that reason am NEUTRAL BUY, and not convinced BUY.
Forex & Stocks: Capitalize on BRICS2023Hi Traders, Investors and Speculators of Charts 📈💰
The 15th BRICS summit is being held in South Africa from August 22-24, 2023 and will undoubtedly affect the Forex market. The main reason for this, is the commonly know agenda of BRICS to implement a new reserve currency instead of the USD. More details on that topic here:
The 5 Forex markets we'll consider are: FX_IDC:USDINR FX:USDCNH FX_IDC:USDRUB FX_IDC:USDBRL FX:USDZAR
As we can clearly see from the charts, from a Cycle / Phase analysis, it is dire time for the USD to correct as we see top outs in basically all of the charts Don't be surprised if it goes UP first, then down (sell the news but in reverse for the BRICS currencies).
The summit is being hosted by South Africa, which is the current chair of BRICS. The other members of BRICS are Brazil, Russia, India, and China.
The summit is expected to focus on the war in Ukraine, the global economy, and the expansion of BRICS. The theme of the summit is "BRICS and Africa: Intra-BRICS cooperation for sustainable development in Africa".
Russia's President Vladimir Putin is not attending the summit in person due to the international arrest warrant issued against him for alleged war crimes in Ukraine. He is being represented by Foreign Minister Sergei Lavrov.
The summit is expected to boost investor confidence in the BRICS economies. This is because the summit will provide an opportunity for the BRICS leaders to discuss ways to strengthen their economic cooperation and coordination. This could lead to increased investment in the BRICS economies, which would boost their growth prospects.
Top Stocks to consider are:
1. Petrobras (PBR) is the largest oil and gas company in Brazil. NYSE:PBR
2. Sberbank (SBER) is the largest bank in Russia. MOEX:SBER
3. State Bank of India (SBI) is the largest bank in India. BSE:SBIN
4. China Mobile (CHL) is the largest mobile phone company in China. MIL:CHL
5. Tencent (TCEHY) is a Chinese multinational technology conglomerate. OTC:TCEHY
6. Alibaba (BABA) is a Chinese multinational technology conglomerate. NYSE:BABA
7. Vale (VALE) is a Brazilian multinational mining company. NYSE:VALE
8. PetroChina (PTR) is the largest oil and gas company in China. SSE:601857
9. ONGC (ONGC) is the largest oil and gas company in India. NSE:ONGC
10. Infosys (INFY) is an Indian multinational information technology company. NSE:INFY
The summit is also expected to lead to a weaker US dollar. This means that the other currencies against the dollar as listed on the 4 charts will strengthen. This is because the BRICS countries are collectively a major source of demand for commodities, such as oil and gold. If the summit leads to increased investment in the BRICS economies, it could lead to higher demand for commodities, which would put upward pressure on commodity prices and the value of currencies of commodity-exporting countries, such as the Brazilian real and the Russian ruble. This would make the US dollar less attractive to investors, which could lead to a weaker dollar.
A great way to capitalize on the outcome of BRCIS 2023, is to anticipate and keep an eye out on markets that will potentially be positively affected by this summit.
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USDZAR Short trading opportunity(short-term) 15expect ZAR to weaken against the dollar about 40 cents +-, I have opened a short position with the size of (22000USD), speculating that the ZAR to weaken in the short term within a day or within a few days to 18.075+-.
Stop Loss is around 18.60+-, take profit is 18.075 , the entry price is 18.50+-
Usd/Zar is Bullish. A continuous bullish order flow is still in play. I will be continuing respecting to respect the uptrend movement and buy all the way.
Happy trading.
USDZAR ForecastPrice is trading in a nice Zig-Zag correction pattern in the bearish direction. We can expect a last drop before the next buys as a wave 3 for a bigger degree. One thing to focus on is the potential level at which the price might reach to( golden Fibonacci levels).
Understanding that waves A and C are often equal can help us identify a potential turning point of price. Judging from the wave A move which was a fast-paced price action we can tell that wave C will be a slow and choppy-moving price action.
